PEZA holds board meeting in West Cebu for second half of 2022

The second for the month of August, the Philippine Economic Zone Authority (PEZA) Board and Management Committee convened its first Board Meeting at the West Cebu Estate, Buanoy, Balamban, Cebu, hosted by one of PEZA’s locator companies, Tsuneishi Heavy Industries (Cebu), Inc., on 27 August 2024 (Tuesday).

Board Approvals

For the recently concluded meeting, the Board approved a total of PhP 6.978 billion in investments, projected to generate US$ 96.596 million in exports and over 2,300 direct jobs from 21 new and expansion projects. These include six (6) projects in manufacturing, six (6) for IT enterprises, and four (4) for ecozone development, along with one (1) project each in the agro-industrial, facilities enterprise, ecozone utilities, ecozone domestic enterprise, and ecozone logistics service enterprise sectors.

These new and expansion projects will be located in Pampanga, Tarlac, General Santos City, Batangas, Cavite, Davao, Laguna, Cebu, and Metro Manila.

Director General Tereso O. Panga expressed, “From January to August 2024, the total impact of investments and expansions on job generation amounted to 31,827, which is 72.91% higher compared to the 18,407 jobs created in the same period last year.

“Our investments for the year have already totaled PhP 61.695 billion. New investments are expected in the coming months as a result of our participation in the China International Fair for Investment and Trade, the Philippine-Singapore Business Investment Summit, and other outbound missions lined up for the year,” he added.

Locator Site Visits in Cebu

With a unified goal of driving investments and fostering stronger partnerships with its locators in public economic zones, PEZA also graced the ship launching ceremony of Tsuneishi Heavy Industries (THI)’s newly completed 66,200 MT bulk carrier made in WCE. PEZA likewise conducted company visits to its registered enterprises HatQuarter, Autoliv Cebu Safety Manufacturing Inc., and TMX Philippines, Inc.

HatQuarter, established in 2017, specializes in the manufacturing of high-quality headwear products. As of June 2024, the company has generated more than US$ 2 million in exports and employs above 900 workers. Known for its craftsmanship and innovation, HatQuarter supplies headwear to prominent global designer brands. PEZA Chief lauded the company’s role in creating sustainable jobs and enhancing the local economy through continuous workforce development.

Meanwhile, Autoliv Cebu Safety Manufacturing Inc., a PEZA-registered enterprise since 1989 and a subsidiary of Autoliv, Inc.—the world’s largest automotive safety supplier founded in 1953—produces steering wheels, airbags, seatbelts, and other automotive safety products. The company has contributed approximately US$ 34 million in exports and provides over 1,600 direct jobs. Its innovations have helped reduce over 450,000 severe injuries and saved approximately 35,000 lives. Autoliv’s focus on research and development, along with its adherence to the highest safety standards, reinforces Cebu’s position as a hub for cutting-edge, globally competitive industries.

Finally, TMX Philippines, Inc. (Timex) is a heritage brand with over 165 years of experience in watchmaking, dating back to 1854. Its 9.6-hectare facility in Cebu is one of Timex’s key manufacturing hubs and has been registered with PEZA since 1978—employing over 1,300 workers and generating more than US$ 62 million in exports. TMX’s legacy of precision and quality in producing watches and precision instruments aligns with PEZA’s vision of fostering high-tech industries.

These visits reaffirm PEZA's commitment to supporting locators, ensuring sustainable growth in the country’s export-driven economy.

“Together with our registered business enterprises and complemented by the various upsides that we currently possess, PEZA remains firm in its quest to make the country an enviable destination in the Asia Pacific region by eco-zoning the Philippines towards and inclusive and sustainable development,” expressed the PEZA Chief.